Status and fashion are intrinsically linked.

people have Luis vuiton branded stuff because it was a status brand. It was a status brand because it was exclusive. it was exclusive because it was expensive.

BMWs used to be exclusive, only executives would drive them. THey were expensive, so were only given to execs (if it was a company car) or bought because execs had more cash (generally)

If I read you correctly, you are both arguing with me and in my favour.